Strategy Inc. Captures 97.5% of the Corporate Bitcoin Market

While the broader market is paralyzed by the “Warsh Shock” and a strengthening U.S. Dollar, Strategy Inc. (formerly MicroStrategy) has effectively become the “buyer of last resort” for the entire corporate world.

According to a landmark report released on February 12, 2026, Michael Saylor’s firm accounted for a staggering 97.5% of all corporate Bitcoin acquisitions over the past month. This dominance comes as the company continues to execute its massive $21 billion “ATM” (At-The-Market) equity offering to fund its aggressive “Orange” treasury strategy.

The “NAV discount” trap

Despite this relentless accumulation, the market is signaling a warning. For the first time in the current cycle, Strategy Inc.’s stock is trading at a significant discount (approx. 0.87x) to its Net Asset Value (NAV). Traditionally, the stock traded at a premium, allowing the company to issue shares and buy Bitcoin “accretively.”

Now, with the stock trading below the value of its BTC holdings, the “perpetual growth machine” is under immense pressure. Analysts are watching the $77,000 price level—identified by JPMorgan this morning as a critical support zone—to see if the company can maintain its leverage without triggering a broader institutional panic.

The $6 billion government shadow

Adding to the tension is the news that the U.S. government’s own “de facto” reserve — the 127,271 BTC seized from the Prince Group — has lost $6 billion in potential value since its peak.

This loss is fueling a heated debate in Washington over the Clarity Act, as victims of crypto scams demand the government liquidate the assets rather than holding them in a Strategic Reserve while prices slide. For Strategy Inc., the goal is to outlast this volatility, betting that their 713,502 BTC war chest will eventually become the “pristine collateral” of a new global financial system, regardless of the short-term bloodbath.